Common use of Joint Intellectual Property Clause in Contracts

Joint Intellectual Property. 4.3.1. Each Party will have the independent, unrestricted right to use, practice and dispose of its interest in Joint Intellectual Property in such manner as it deems appropriate without accounting to the other Party. 4.3.2. UVM will have the first right to file a patent application on potentially patentable Joint Intellectual Property in the names of both Parties. All expenses incurred in obtaining and maintaining any patent on such Joint Intellectual Property will be shared equally, except that, if one Party declines to share in such expenses, the other Party may take over the prosecution and maintenance thereof, at its own expense, provided that title to the patent application or patent remains in the names of both Parties. UVM reserves the right to license Joint Intellectual Property to third parties.

Joint Intellectual Property. 4.3.1. Each Party will have the independent, unrestricted right to use, practice and dispose of its interest in Joint Intellectual Property in such manner as it deems appropriate without accounting to the other Party. 4.3.2. UVM will have the first right to file a patent application on potentially patentable Joint Intellectual Property in the names of both Parties. All expenses incurred in obtaining and maintaining any patent on such Joint Intellectual Property will be shared equally, except that, if one Party declines to share in such expenses, the other Party may take over the prosecution and maintenance thereof, at its own expense, provided that title to the patent application or patent remains in the names of both Parties. UVM reserves the right to license Joint Intellectual Property to third parties.

Joint Intellectual Property. 4.3.1. Each Party will have the independent, unrestricted right to use, practice and dispose of its interest in Joint Intellectual Property in such manner as it deems appropriate without accounting to the other Party. 4.3.2. UVM MIT will have the first right to file a patent application on potentially patentable a Joint Intellectual Property Invention in the names of both Parties. All expenses incurred in obtaining and maintaining any patent on such Joint Intellectual Property Invention will be shared equally, except that, if one Party declines to share in such expenses, the other Party may take over the prosecution and maintenance thereof, at its own expense, provided that title to the patent application or patent remains in the names of both Parties. UVM reserves the right to license Joint Intellectual Property to third parties.